Singapore Airlines reports drop in profit with pessimistic outlook for second half earnings
Skift Take
Higher fuel costs and fewer passengers outweighed Singapore Airlines’ jump in revenue. Current market pressures suggest that the legacy carrier would do better by shifting focus to its budget airline Scoot.
Singapore Airlines (SIA) said Friday its first-half net profit fell 30 percent from last year, and warned the outlook was bleak as the eurozone debt crisis dents global business confidence.
“The continuing European economic crisis is dampening global business confidence, exerting downward pressure on loads and yields of both passenger and cargo businesses,” the leading Asian carrier said in a statement. “These challenging market conditions are exacerbated by high and volatile jet fuel prices.”
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